Lendbuzz, a Boston, MA-based fintech company focused on the car financing market, secured an additional $150m in debt and equity financing.
The round was led by 83North with participation from existing investors. The debt funding was led by BHI, ConnectOne Bank, IDB Bank, Viola Credit and a large insurance company. This raise follows a $30m debt funding round that was completed only 12 months ago.
The capital will allow the company to further accelerate growth of its car financing platform and enhance its ability to provide the best terms to borrowers that do not have an established U.S. credit history.
Led by Amitay Kalmar, co-founder and CEO, and by Dr. Dan Raviv, co-founder and CTO, Lendbuzz leverages machine learning and proprietary algorithms to provide a car financing platform for consumers with limited U.S. credit history to obtain financing for their car purchase and build their U.S. credit score.
The company partners with auto dealerships to offer their customers its financing solutions and enables them to close on additional business opportunities which otherwise would have been lost and serve a more diversified client base.
In 2018, the company increased its dealership network across the country to include key markets, such as California and Florida.